John Johnson borrowed some money from his friend and promised to repay him $1,240, $1,360, $1,520, $1,560, and $1,560 over the next five years. If the friend normally discounts investment cash flows at 10.0 percent annually, how much did John borrow?

(Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.)

Present Value?